Coinbase has been around for a while now, focusing entirely on cryptocurrency. It’s a service that started with a way to track different cryptocurrencies across the market. But now, the service also has a debit card.
Coinbase offers several different tools, including a built-in and self-hosted wallet that can store all sorts of currencies and NFTs. But it’s newest service is the Coinbase Card, a Visa-branded debit card. It’s technically still behind a waitlist, but Coinbase says it’s sending out applications for those on that waitlist starting this week.
Along with that application and the Coinbase Card starting to be sent out to customers, the company also announced today that the card supports both Apple Pay and Google Pay. That means you can use the Coinbase Card from either one of the company’s digital wallets and as a digital payment option. In fact, if you apply for the Coinbase Card and get approved, you can add the card to Apple Pay or Google Pay right away.
You can start using your card right out of the gate, without having to wait to receive the physical card in the mail.
Now, it’s worth noting here that you’re not technically spending crypto when you use the Coinbase Card. Not directly, anyway. The service will automatically convert your cryptocurrency, like Bitcoin, into U.S. dollars when you wish to spend your money. That includes transactions and ATM withdrawals. And also, Coinbase says there are conversion rates to think about, too.
Signing up for the Coinbase Card won’t impact your credit score, since it’s a debit card. Coinbase is offering up 4% in what it calls “crypto rewards” when a card owner uses the card to make a purchase.
The Coinbase Card should start going out to approved applicants starting this week.